Asset Pricing with Optimal Under-Diversification
收藏NBER2023-04-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w31121
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资源简介：
We study sources and implications of undiversified portfolios in a production-based asset pricing model with financial frictions. Households take concentrated positions in a single firm exposed to idiosyncratic shocks because managerial effort requires equity stakes, and because investors gain
提供机构：
美国国家经济研究局
创建时间：
2023-04-01
